Argo Blockchain PLC on Thursday said its chief executive officer and interim chair has stepped down to pursue other opportunities, while it has appointed an interim CEO and permanent chair.

Shares in Argo Blockchain were down 10% to 16.39 pence each in London on Thursday morning.

The London-based cryptocurrency miner said Peter Wall was resigning from his two roles, with Argo intending to coordinate finding his permanent successor with an executive search firm. It said it will update the market in due course.

In the meantime, Chief Operating Officer Seif El-Bakly has become interim CEO, with Wall agreeing to remain as an adviser over the next three months to support the transition. Matthew Shaw has also been appointed as chair.

‘Peter has created a strong foundation for Argo which is a confident organisation full of talented people, aligned behind a clear strategy and focused on delivering profitable growth and market share gain,’ said Shaw.

Wall added it was a ‘great privilege’ to have led Argo Blockchain over the past three years.

On Wednesday, Argo said its monthly Bitcoin mining and associated revenue was up, while it refuted all allegations made against it in a class action lawsuit filed in New York.

It mined 168 Bitcoin or Bitcoin equivalents, together known as BTC, in January, up 14% from 147 BTC mined in December 2022, which was primarily due to fewer curtailment hours in January compared to December, when a severe winter storm impacted much of the United States.

Mining revenue was $3.4 million in January, up 36% from $2.5 million in December, based on daily foreign exchange rates and cryptocurrency prices during January.

As of January 31, Argo Blockchain held 115 BTC.

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